With another year passing by and the date for Union Budget 2017-18 fixed for 1st February, all eyes and ears are now eagerly awaiting for this year’s Union Budget which is expected to offer relief to the majority of the population. Also, looking into the political angle of the same, it is no coincidence that the dates for the upcoming Uttar Pradesh elections have been planned just after the Budget announcement. Thus, it is quite evident that a populous Budget is on its way. One of the country’s largest contributor towards Gross Domestic Product (GDP) and employment generation, real estate sector, is extremely hopeful for a fruitful Budget 2017-18.
For the last couple of months, central government has been proactive in terms of providing relief to this sector, its stakeholders and the buyers. Passage of RERA and GST last year, recently concluded 50 days of demonetisation, affordable housing incentives by the Prime Minister on the New Year Eve of 2017 and the relief provided by several banks through lending rate cuts on the New Year day has provided much needed fuel to the realty sector entering into 2017. With such activity, hopes are high for a positive budget for the realty sector this time, if not directly then at least through indirect means.
Although, there are mixed reactions from the realty sector’s stalwarts and experts who somewhere believe that a balanced budget might be announced, where there will not be many benefits for the realty sector; but indirect announcements such as exemptions in tax slabs, etc. that might help the consumers to increase their purchasing power and thus, maintain the flow of money in the economy.
Industry Reactions and Expectations: